| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 49th | Fair |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4624 17th Ave, Brooklyn, NY, 11204, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1992 |
| Units | 51 |
| Transaction Date | 2005-12-29 |
| Transaction Price | $5,800,000 |
| Buyer | HOLY SPIRIT SENIOR APARTMENTS II LLC |
| Seller | THE HOUSING OUTREACH FUND XII LIMITED PA |
4624 17th Ave Brooklyn Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and strong neighborhood amenity density, according to WDSuite’s CRE market data. Stabilized neighborhood occupancy supports steady leasing conditions for investors focused on cash flow durability.
Located in Brooklyn’s Urban Core, the neighborhood ranks 146 of 889 metro neighborhoods, placing it in the top quartile locally for overall quality. Amenity access is a clear strength: groceries, pharmacies, cafes, and restaurants score in the upper national percentiles, supporting daily convenience and tenant retention. Average school ratings sit above national midpoints, adding to livability for a broad renter base.
Neighborhood occupancy is measured at the neighborhood level, not the property; the area posts stable occupancy and an above-median housing profile versus national benchmarks. The share of renter-occupied housing units is elevated for the metro, indicating a deep tenant pool and consistent multifamily demand.
Home values in the neighborhood are high relative to income levels and rank near the top nationally, which tends to sustain reliance on rental housing rather than ownership. For investors, this dynamic supports pricing power and lease retention, particularly for well-managed assets positioned at attainable rent tiers.
The average construction year in the neighborhood is older than the subject property’s 1992 vintage. Being newer than much of the local stock can enhance competitive positioning; however, a 1992 asset may still benefit from targeted system upgrades and cosmetic repositioning to capture rent premiums without overextending capital plans.
Demographic statistics are aggregated within a 3-mile radius. Recent years show modest population fluctuations alongside a slight increase in total households and a trend toward smaller average household size. Forward-looking projections indicate further household growth with continued income gains, which can expand the renter pool and support occupancy stability for efficiently sized apartments.
Safety conditions should be evaluated comparatively at the neighborhood level. Relative to other neighborhoods nationwide, current indicators point to below-average safety, with violent and property offense rates sitting in lower national percentiles. Within the metro, the neighborhood’s crime rank places it below the median among 889 neighborhoods.
Trend-wise, recent data show an improvement in violent offense rates year over year, which is a constructive signal even as overall safety remains a watch item. Investors typically underwrite accordingly through security measures, lighting and access controls, and conservative loss assumptions, while monitoring citywide and precinct-level trends over time.
The location serves a broad employment base across beverages, financial information services, insurance, and professional staffing—supporting commuter convenience and renter demand from office-core workers. Listed below are nearby employers that help underpin weekday traffic and leasing stability.
- Dr Pepper Snapple Group — beverages (3.9 miles)
- S&P Global — financial information services (5.2 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.3 miles) — HQ
- Robert Half International — staffing (5.3 miles)
- AIG — insurance (5.3 miles) — HQ
4624 17th Ave is a 1992-vintage, 51-unit asset in a Brooklyn neighborhood with strong amenity access and a deep base of renter-occupied housing. Being newer than much of the surrounding stock offers a competitive edge, while targeted modernization can unlock value-add upside. According to CRE market data from WDSuite, the neighborhood maintains high amenity density and elevated ownership costs—conditions that reinforce multifamily reliance and support stable occupancy at the neighborhood level.
Within a 3-mile radius, households have grown even as average household sizes trend smaller, pointing to a broader renter pool for compact floor plans. High home values relative to incomes favor rental demand and lease retention, while rent levels are positioned above national norms yet remain manageable relative to local incomes, aiding renewal velocity. Key risks include neighborhood safety metrics that trail national averages and normal aging considerations for early-1990s construction, both manageable with prudent capex and operations.
- Newer-than-neighborhood vintage (1992) with potential for focused value-add to enhance rents and retention
- Deep renter-occupied housing base and stable neighborhood occupancy supporting cash flow durability
- High-cost ownership market sustains renter demand and underpins pricing power for well-positioned units
- Household growth within 3 miles expands the tenant base for efficiently sized apartments
- Risks: below-average safety metrics and typical aging of 1990s systems require underwriting for security and capex